Bill > S07378

This bill establishes an optional twenty-five-year retirement plan specifically for employees of the New York Power Authority who are members of the labor organization certified to represent those employees. Under this new retirement plan, eligible employees can retire after completing 25 years of total creditable service, which includes all services performed for the New York Power Authority. Upon retirement, these employees will receive a pension that provides a retirement allowance equal to 50% of their final average salary. The bill allows these employees to retire without regard to age and provides full credit for military service time during wars after World War I. Importantly, the bill specifies that employees can choose this retirement option as an alternative to other existing retirement plans, and they can still use their creditable service for other retirement plan calculations if they do not opt for this specific plan. The New York Power Authority will bear all past service costs associated with implementing this retirement option, which is estimated to cost approximately $15.3 million as a one-time payment and increase annual contributions by around $3 million in the first fiscal year.

Budget and Finance, Labor and Employment

https://www.nysenate.gov/legislation/bills/2025/S7378